Nordstrom (JWN) Shares Up 13.2% Following Strong Earnings
Nordstrom, Inc. (NYSE:JWN) shot up 13.2% during mid-day trading on Friday following a stronger than expected earnings report. The company traded as high as $59.25 and last traded at $59.18. 17,066,959 shares changed hands during mid-day trading, an increase of 672% from the average session volume of 2,210,665 shares. The stock had previously closed at $52.28.
The specialty retailer reported $0.95 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.11. Nordstrom had a return on equity of 55.75% and a net margin of 2.96%. The company had revenue of $3.98 billion during the quarter, compared to analyst estimates of $3.96 billion. During the same quarter in the previous year, the firm earned $0.65 earnings per share. Nordstrom’s revenue was up 7.1% on a year-over-year basis.
JWN has been the subject of several research reports. Royal Bank of Canada set a $55.00 target price on Nordstrom and gave the stock a “hold” rating in a research note on Friday. Nomura upped their target price on Nordstrom from $53.00 to $54.00 and gave the stock a “neutral” rating in a research note on Thursday, July 12th. Credit Suisse Group upped their target price on Nordstrom from $50.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 11th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $47.00 target price on shares of Nordstrom in a research note on Tuesday, August 7th. Finally, Deutsche Bank raised Nordstrom from a “hold” rating to a “buy” rating and upped their target price for the stock from $52.00 to $55.00 in a research note on Wednesday, May 23rd. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have issued a buy rating to the stock. Nordstrom currently has an average rating of “Hold” and a consensus target price of $54.28.
Hedge funds have recently made changes to their positions in the business. Centaurus Financial Inc. bought a new stake in Nordstrom in the second quarter valued at approximately $112,000. Kiley Juergens Wealth Management LLC bought a new stake in Nordstrom in the second quarter valued at approximately $118,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Nordstrom in the first quarter valued at approximately $124,000. Whittier Trust Co. bought a new position in shares of Nordstrom during the second quarter valued at approximately $147,000. Finally, Perigon Wealth Management LLC bought a new position in shares of Nordstrom during the first quarter valued at approximately $152,000. Hedge funds and other institutional investors own 55.96% of the company’s stock.
The company has a debt-to-equity ratio of 2.50, a current ratio of 1.09 and a quick ratio of 0.44. The firm has a market cap of $8.80 billion, a P/E ratio of 19.85, a P/E/G ratio of 2.55 and a beta of 0.82.
Nordstrom Company Profile (NYSE:JWN)
Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories for women, men, young adults, and children in the United States and Canada. The company operates in two segments, Retail and Credit. The Retail segment offers a range of brand name and private label merchandise through various channels, including Nordstrom branded full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Trunk Club clubhouses and TrunkClub.com; Jeffrey boutiques; and clearance stores that operate under the Last Chance name.
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